Hawaii lawmakers approve payments of up to $300 for taxpayers

Polarbear

Hawaii Gov. David Ige made a pitch for refunding $110 million to state taxpayers in his final State of the State speech in January. Last week, Hawaii lawmakers approved a tax rebate for all Hawaii households that is skewed to favor lower-income households, to offset steep prices for fuel and raging inflation.

The bill proposes a tax rebate of $100 per person to tax filers who earn more than $100,000 per year, and $300 per person to filers who earn less than that and is expected to cost the state about $250 million.

Tom Yamachika, president of the Tax Foundation of Hawaii, said:

I’m glad that legislators are thinking of giving some of the surplus money back to taxpayers. It’s likely to be a one-time shot in the arm, but I think folks who have been suffering through the pandemic will be grateful for the help.

The 1978 state constitutional convention drafted an amendment that required tax rebates or credits each time the state of Hawaii ran a general treasury surplus for two consecutive years. The same bill will also deposit $500 million into the rainy-day fund, and will apply an extra $300 million to the Employees Retirement System, which is the public employees’ pension fund.

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